82,120 Shares in Upwork Inc. (NASDAQ:UPWK) Acquired by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC purchased a new stake in Upwork Inc. (NASDAQ:UPWK - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 82,120 shares of the company's stock, valued at approximately $858,000. Janney Montgomery Scott LLC owned 0.06% of Upwork as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently modified their holdings of UPWK. Plato Investment Management Ltd bought a new position in Upwork during the second quarter worth $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Upwork during the second quarter valued at about $29,000. Quarry LP raised its stake in shares of Upwork by 104.2% in the second quarter. Quarry LP now owns 4,350 shares of the company's stock worth $47,000 after purchasing an additional 2,220 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Upwork in the 2nd quarter valued at $54,000. Finally, CWM LLC boosted its holdings in Upwork by 71.9% during the third quarter. CWM LLC now owns 5,896 shares of the company's stock worth $62,000 after purchasing an additional 2,467 shares during the last quarter. Institutional investors own 77.71% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on UPWK. JMP Securities raised their target price on Upwork from $14.00 to $18.00 and gave the company a "market outperform" rating in a research report on Thursday, November 7th. Royal Bank of Canada lowered their price objective on shares of Upwork from $15.00 to $11.00 and set a "sector perform" rating on the stock in a research report on Thursday, August 8th. Piper Sandler reissued an "overweight" rating and set a $18.00 target price (up from $13.00) on shares of Upwork in a research report on Thursday, November 7th. Citigroup lowered their price target on shares of Upwork from $13.00 to $11.00 and set a "neutral" rating on the stock in a report on Wednesday, September 25th. Finally, UBS Group reduced their price objective on Upwork from $12.00 to $11.00 and set a "neutral" rating for the company in a report on Thursday, August 8th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $17.00.

Insider Buying and Selling

In related news, CFO Erica Gessert sold 20,353 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $9.65, for a total transaction of $196,406.45. Following the completion of the transaction, the chief financial officer now directly owns 107,313 shares of the company's stock, valued at approximately $1,035,570.45. This represents a 15.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Olivier Marie sold 9,153 shares of the firm's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $15.92, for a total transaction of $145,715.76. Following the completion of the transaction, the chief accounting officer now directly owns 1,294 shares of the company's stock, valued at approximately $20,600.48. This trade represents a 87.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 206,078 shares of company stock valued at $2,267,715. Company insiders own 7.60% of the company's stock.

Upwork Stock Performance

Shares of UPWK stock traded down $0.19 during trading hours on Friday, reaching $14.91. The company had a trading volume of 1,937,163 shares, compared to its average volume of 3,360,292. The firm has a market cap of $1.99 billion, a PE ratio of 23.67 and a beta of 1.49. The business has a fifty day moving average price of $11.71 and a 200-day moving average price of $11.13. Upwork Inc. has a one year low of $8.43 and a one year high of $17.79. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.03. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The business had revenue of $193.78 million for the quarter, compared to analysts' expectations of $185.55 million. The business's revenue for the quarter was up 10.3% on a year-over-year basis. During the same period last year, the firm posted $0.12 earnings per share. Sell-side analysts predict that Upwork Inc. will post 0.65 earnings per share for the current fiscal year.

Upwork Profile

Upwork Inc, together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's work marketplace provides access to talent with various skills across a range of categories, including administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.